Assistance for organizations affected by flooding

Published 9:35 am Friday, November 18, 2016

The U.S. Small Business Administration announced that certain private nonprofit organizations in Minnesota that do not provide critical services of a governmental nature may be eligible to apply for low-interest rate disaster loans, according to a press release.

The loans are available following a presidential disaster declaration for public assistance resulting from damages caused by severe storms and flooding from Sept. 21-24.

Private nonprofit organizations located in the following Minnesota counties are eligible to apply: Blue Earth, Fillmore, Freeborn, Goodhue, Houston, Le Sueur, Rice, Steele and Waseca.

Email newsletter signup

Examples of eligible non-critical private nonprofit organizations include — but are not limited to — food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

Private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The interest rate is 2.625 percent with terms up to 30 years. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

The SBA also offers economic injury disaster loans to help meet working capital needs, such as ongoing operating expenses to private nonprofit organizations. Economic injury disaster loan assistance is available regardless of whether the organization suffered any physical property damage.

Applicants may apply online using the electronic loan application via SBA’s secure website at disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659- 2955, or 800-877-8339 for the deaf and hard-of-hearing; or by sending an email to disastercustomerservice@sba.gov. Loan applications can also be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to submit applications for physical property damage is Jan. 3, 2017. The deadline to submit economic injury applications is Aug. 2, 2017.